Volume XXIII, No.

3, March, 2012

EDITORIAL
RBI AS WELL AS GOVERNMENT OF INDIA MUST RECONSIDER RELAXATION ALLOWED
RECENTLY IN AUDIT OF BRANCHES OF PUBLIC SECTOR BANKS
The RBI had set up a committee to
adequate audit. The Central Council members and various
review various important aspects of
other leading chartered accountants have met the Corporate
audit of public sector banks. The
Affairs Minister, several leaders of Congress and BJP beside
committee, despite serious objections
top of officials in RBI and Ministry of Finance, to highlight
by the Central Council of the Institute
the problem the Indian Banking Sector can face in the
of Chartered Accountants of India,
absence of adequate indepth audit.
gave its interim report recently which
It is suggested that an independent organisation such as
inter alia include exemption from audit
Accounting Research Foundation may be asked to prepare
CA Vinod Jain*
of branches having Rs. 100 crore
a report based on audit reports/ LFARs made by statutory
advances for large banks and Rs. 50 crore advances for
auditors of such branches which are likely to be exempted,
mid size banks. On the basis of the report, RBI has
as to highlight the areas/ quantum which shall get exposed
recommended that all the branches of public sector banks
if audits of such branches are not taken up.
having less than Rs. 20 crore advances should be exempted
The claim of some of the
from audit, except once in 5
years.
The Council of the ICAI has considered this banks that they are paying very
matter in their emergency meeting and decided high audit fee, as compared to
The Central Council of the
that any such decision may seriously impact the private sector banks, is
ICAI is of the strong view that
financial discipline of the public sector banks baseless as they have not
any such decision may
and may result into unprecedented increase of realized their size, number of
seriously impact the financial
borrowers, risk of money
indiscreet lending or even Frauds.in banks.
discipline of the public sector
laundering
and
most
banks and may result into
importantly fragile internal control system and MIS system
unprecedented increase of indiscreet lending or even
in public sector banks. In case of private sector banks
Frauds in banks. The Central council felt that it may be
most of the loan documents, securities, loan processing,
difficult for central statutory auditors to express an opinion
credit authorization are all centralized, whereas to meet
about true and fairness of the Financial statements of the
the inclusive growth agenda of the Government, public
respective banks , in the absence of audit of majority of
sector banks have delegated large powers in respect of
the bank branches except very small branches up to Rs. 3
sanction of loans, documentation, credit monitoring and
crore / Rs. 5 crore. The Central Council must express its
loan records at the branch level.
concerns to the RBI as well as to the Government well in
In a recent meeting, with Sh. Pranab Mukherjee, a
advance.
delegation of ICAI led by Mr. Veerapa Moily, Minister of
It is very important that Lakhs of crores advances, deposits
Corporate Affairs and President of the Institute, the Council
and other banking operations do not remain without
Contd ... on page 3
* Mr. Vinod Jain, FCA, FCS, FICWA, LL.B., DISA (ICA), Chairman, INMACS and Vinod Kumar & Associates, Member, Central Council, ICAI. vinodjain@inmacs.com, vinodjainca@gmail.com, +91 9811040004

LATEST IN FINANCE / INSURANCE / ICAI

INSURANCE

LATEST IN FINANCE
1.0

RBI ASKS BANKS TO PUT UP LIST OF

UNCLAIMED DEPOSITS, INOPERATIVE
ACCOUNTS ON WEB SITE

1.0

Punjab National Bank, the countrys second

largest lender, wanted to buy 30 per cent stake
in MetLife Insurance for ` 1, but the deal has
run into a regulatory hurdle.

The Reserve Bank of India (RBI) has asked the

banks to display the list of unclaimed deposits/
inoperative accounts which have been inactive /
inoperative for ten years or more on their
respective Web sites.
2.0

3.0

The Insurance Regulatory and Development

Authority (IRDA) is scanning the contours of
the deal as it is not comfortable with the valuation,
though the Reserve Bank of India (RBI) has given
its approval to PNB.

GOVT. SETS JOINT VENTURE NORMS FOR

DEFENCE PSUs
To strengthen tie-ups between defence public
sector undertakings and their private partners,
the Union Cabinet approved guidelines for
setting up joint ventures. Government rules only
allow 26 per cent foreign direct investment in
the defence sector. A European defence company
official said that Public sector companies are
not too keen to create new companies holding
majority shareholdings. The new guidelines will
allow a domestic private sector company to tie
up with a foreign private sector company and
form a joint venture with the defence Public
Sector Undertakings (PSU).

2.0

ICAI
1.0

FIPB ACCEPTS PHRAMA FDI RIDERS

ICAI BARS SATYAM EX-CFO AND PWC

PARTNER FOR LIFE
Accounting regulator, The Institute of Chartered
Accountants of India (ICAI), has barred the exCFO of the erstwhile Satyam Computer Services,
Srinivas Talluri, and former Pricewaterhouse
auditor Vadlamani Srinivas from practice for life,
while slapping a ` 5 lakh penalty on them over the
` 14,000 crore fraud at the IT firm.

BANGLADESH WOOS INVESTORS WITH

INDIA-SPECIFIC SEZs
Armed with duty-free treaty with India,
Bangladesh is aiming $1 billion export by this June
and has also begun wooing Indian companies to
invest in the neighboring country with SEZs
targeting only Indian companies. India Bangladesh
Chamber of Commerce & Industry President A
M Ahmed said that With duty-free export to
India, we are expecting the Bangladeshi export
should increase to $1 billion by June 2012 from
$500 million last year.

IRDA TO GIVE MORE HEDGING OPTIONS

TO LIFE INSURERS
In a bid to give more options in long-term
investments and to hedge interest rate risks for
life insurance companies, The Insurance
Regulatory and Development Authority (IRDA)
may allow investments in equity derivatives and
credit default swaps (CDS).

The foreign investment promotion board (FIPB)

has accepted some of the stiff riders proposed
by the health ministry for pharmaceutical
companies trying to acquire Indian firms.
4.0

IRDA FROWNS ON PNB PLAN TO BUY 30%

IN METLIFE FOR ` 1

2.0

THE CHARTERED ACCOUNTANT WORLD March 2012

SECTION 21 READ WITH SECTION 22 OF

CHARTERED ACCOUNTANTS ACT, 1949:
The Delhi High Court held that Other
Misconduct will be any misconduct which is
not specified in Schedule to Act or notified there
under.
Decided Case: Council of Institute of Chartered
Accountants of India v/s Kul Rattan Bhasin, CHAT. A.
REF. NO. 1 OF 2007 Dated November 18, 2010.

EDITORIAL
IAL
TOR
I
D
E

RBI AS WELL AS GOVERNMENT OF INDIA MUST ...

of the Institute have elaborately explained the risk

which may be faced by the banking sector arising out
of reduction of number of audits. Mr. D.K. Mittal,
Secretary Department of Financial Services,
Government of India was also present. Shri Mukerjee
gave a patient hearing to the matter.

Contd ... from page 1

The C A profession is committed to win over

any attempt to destabilize India's biggest
strength a resilient Banking sector. We also
strongly oppose the delegation of powers to
appoint auditors in the hands of bank
management and the Board. The
independence, integrity and excellence of
auditors are very crucial for the banking
sector especially in public sector and for
safeguarding the interest of the society as a
whole.

We hope that good wisdom would prevail and this

matter is at least postponed to enable detailed
preparation and examination of all the risk areas on
the one hand and means of reduction in cost of audit
in banks.

CA PROFESSION: NEW CHALLENGES AND OPPORTUNITIES:

ICAI'S VISIONARY ACTION NEEDED
time and expectation of the society. The examinations
must test the practical application of studies by the
students. More importantly, CPT Entrance Examination
and IPCC Part-I examination require highest benchmark
of quality so as to ensure that only those who are really
capable to be a chartered accountant are enrolled for
training. This will ensure that the profession is able to
concentrate its energy to effectively and efficiently
educate and train such high quality students .The
The students are currently depending on unorganized
Institute is already very carefully monitoring the quality
coaching institutions for their studies, which are not
of the final examination and the
able to adequately meet the
restructuring of course content
increase in quest for quality and The students are currently depended
is already in advance stages of
indepth education. ICAI has on unorganized coaching institutions,
formulation at ICAI.
significantly upgraded the quality which are not able to adequately meet
of study material and practice the increase in quest for quality and The newly qualified chartered
accountants are currently
notes but provision of high indepth education.
focusing on accounting, audit,
quality low cost teaching under
taxation, corporate laws and Finance function. They
ICAI supervision is a highly pressing need of the hour.
must be exposed to and encouraged to expand their
E-learning can also be exploited to its full strength to
horizon for opportunity in commercial functions such
reach to the remotest part of the country so that
as purchase, stores, production planning and control,
students need not shift to other places only for coaching
logistic planning and control etc.
classes.
The demand for chartered accountants from other parts
The training of increasing number of students is posing
of the world is also significantly increasing recently
challenge. Even students are more keen to pass the
and newly qualified chartered accountants must be
exams rather than taking practical training with the
groomed to move other parts of the world.
practicing firm. The quality of examination of the
The profession of chartered accountants in India is
witnessing a very high growth rate in terms of number
of students as well as qualified chartered accountants
joining the profession. It is very important for ICAI to
ensure that the quality of education and training is
significantly up graded to ensure sustained growth in
demand for Indian chartered accountants in India and
overseas.

Institute has been the biggest strength of the profession.

It is important for the Institute to significantly upgrade
the quality of its examination further, with the changing

We are hopeful; the new leadership at the ICAI would

sincerely consider these suggestions and shall take
effective steps for the best for the profession.

A JOURNAL OF

ALL INDIA CHARTERED ACCOUNTANTS SOCIETY

FEMA / CAPITAL MARKET

dated February 15, 2012, it is clarified that the
extant regulations do not prescribe any reporting
requirements for transactions where a person
resident outside India who is a citizen of India or
a person of Indian Origin (PIO) as defined in
Regulation 2(C) of Notification No. FEMA 21/
2000-RB, ibid, acquire/s immovable property in
India in accordance with the said provisions of
the aforesaid Notification. Form IPI has been,
accordingly, amended for greater clarity.

FEMA
1.0

RBI LIBERALISES PAYMENT FOR

EXPORTERS
The Reserve Bank of India (RBI) has allowed
banks to permit exporters to receive advance
payment for shipment of goods that would take
more than a year to manufacture, a step which
would reduce transaction time.

2.0

RBI FOR ONLY PURE FDI IN REALTY

The Reserve Bank of India (RBI), which has
taken a firm stand against allowing external
commercial borrowings (ECBs) in the real estate
sector, now wants to clamp down on overseas
investments in the sector through instruments that
carry a fixed or variable internal rate of return.
The central bank seems to be clear on allowing
only pure foreign direct investment (FDI) in real
estate where not firms but only specified projects
can accept these foreign funds.

3.0

5.0

Decided Case: Directorate of enforcement v/s Subhash

Muljimal Gandhi, LPA NO. 669/2011, Dated February 1,
2012

CAPITAL MARKET
1.0

2.0

CLARIFICATION REGARDING PURCHASE

OF IMMOVABLE PROPERTY IN INDIA
As per the Reserve Bank of India (RBI) circular

SEBI RESERVES 15% BUYBACK OFFERS

FOR SMALL INVESTORS
In a move that will make buybacks more friendly
for small shareholders, the Securities and
Exchange Board of India (SEBI) announced that
15% of a buyback offer will have to be reserved
for such investors. A small shareholder has been
defined as one who holds shares with market
value not exceeding ` 2 lakhs.

TRAI WANTS FDI CAP ON TOWER

COMPANIES CUT TO 74%
The Telecom Regulatory Authority of India
(TRAI) has recommended lowering the foreign
direct investment (FDI) cap on telecom tower
companies to 74%, a move that will adversely
impact the Indian operations of Nasdaq-listed
American Towers (ATC) as well as stake sale
plans of other tower units. At present, 100%
foreign direct investment is allowed in tower
companies but TRAI wants to lower this limit
and bring it on a par with other telecom services,
which are subject to a 74% cap.

RULE 8 OF THE FOREIGN EXCHANGE

MANAGEMENT (ENCASHMENT OF DRAFT,
CHEQUE, INSTRUMENT AND PAYMENT OF
INTEREST) RULES, 2000
The Delhi High Court held that interest at the rate
of 6% per annum under Rule 8 could have been
awarded to the respondent on the seized Indian
currency only. The learned Single Judge has while
applying the said Rule also awarded interest on
the seized foreign currency, which cannot be
sustained.

FOREX LIMIT FOR IMPORTS SANS

DOCUMENTATION RAISED TO $5,000
The Reserve Bank of India (RBI) has upped the
limit for release of foreign exchange for imports
by persons, firms and companies without any
documentation formalities from $500 or its
equivalent to $5,000 or its equivalent, with
immediate effect.

4.0

6.0

THE CHARTERED ACCOUNTANT WORLD March 2012

SEBI ON PREFERENTIAL ALLOTMENT

RULES
The Securities and Exchange Board of India
(SEBI) shot down a proposal by phrama firm
Strides acrolab to issue warrants worth ` 260
crores on a preferential basis to its promoters.
The regulator, in an informal guidance to the
company, said the rules governing preferential
allotments would be applicable for interse
transfers within the promoter group.

CAPITAL MARKET
CERTIFICATE
/ CORPORATE
COURSE
LAW
3.0

SEBI ISSUES GUIDELINES FOR BUYBACK

DISCLOSURES.

2.0

The Securities and exchange board of India

(SEBI) has prescribed a standard format for a
letter of offer in a buyback. The circular comes
into force with immediate effect.
The disclosures include details of the buyback;
its necessity; management view on the likely
impact of the buyback; basis of offer price and
the source of funds for the buy back; change in
capital structure and shareholding pattern after
the buyback; financial information about the
company; procedure for tender/offer and
settlement and collection centres; taxation issues;
process and methodology for the buyback and
other details required as per the extant regulations.

CORPORATE LAW
1.0

DELHI SET TO ABOLISH STAMP PAPERS

In a major reform initiative, the Delhi government
has decided to completely do away with stamp
paper of all denominations and shift to electronicstamping facility, a move aimed to ensure hasslefree transactions and prevent fraudulent
practices.
Currently, e-stamping is applicable to values of
` 501 and above; but, the Government has now
decided abolish stamp papers of all
denominations, which will mean people will have
to pay stamp duty for sworn affidavits,
agreement of tenancy, mortgage deeds, power
of attorney and other instruments through
e-stamping facility.

3.0 SOME IMPORTANT JUDGEMENTS

 Section 433:

RULES FOR REGULAR STAFF DO NOT

APPLY TO CONTRACTUAL EMPLOYEES:
SUPREME COURT
In keeping with its trend to move with times in
matters economic, the Supreme Court vide its
recent order in GRIDCO Ltd v. Sadananda Doloi
held that when a person accepts a tenured job
(for three years in this case) he cannot demand
for application the same sympathetic
considerations that apply to regular employees
so long as the removal order was not vitiated by
mala fides and was as per the contractual
agreement. Quashing the order of the Division
Bench of the Orissa High Court which had held
the removal of the respondent illegal, the Supreme
Court made among other things the following
telling observations: We need to remind ourselves
that in modern commercial world executives are
engaged on account of their expertise in a
particular field and those who are so employed
are free to leave or be asked to leave by the
employer. Contractual employments work only
if the same are mutually beneficial to both the
contracting parties and not otherwise.
The Court has also observed that those taking up
contractual employments do so on their own
volition and must be prepared to face the
consequences if their contracts are not renewed
at the end of each tenure.
A JOURNAL OF

 The Karnataka High Court held that where

liability of a company was more than its assets
and it was unable to clear debts of creditors,
company was to be ordered to wound up.

Decided Case: Ashok Gowda v/s Gopika Credit &

Investment Co.
 The Karnataka High Court held that winding
up petition on basis of acknowledgement by
company of outstanding consultancy fees after
expiry of period of limitation would not be
admissible.

Decided Case: T.V. Anantharaman v/s Wintac Ltd.

 Section 394:
The Calcutta High Court held that transfer of
any property upon sanction of a scheme of
amalgamation under Companies Act would not
be exempt from stamp duty
Decided Case: Emami Biotech Ltd., In re

 Section 531A read with section 531:

The Delhi High Court held that ignorance of
filing of winding up petition against companyin-liquidation at time of execution of agreement
to sell in respect of its property, would not
validate transaction.
Decided Case: National Institute of Technology Trust
v/s Koshika Telecom Ltd.

ALL INDIA CHARTERED ACCOUNTANTS SOCIETY

AUDIT / TAXATION
technical data provided by the broadcasters, FM
radio companies and DTH operators.
The job includes verification of net worth, cases
of mergers/demergers, disinvestments, verification of gross revenue figures of DTH and FM
radio operators, determination of interest on
delayed payments and cases referred to the
foreign investment promotion board (FIPB),
among others.

AUDIT
1.0

AUDITOR FINDS LILLIPUT REVIEW

FACING NON-COOPERATION HURDLE
In a new twist in the tussle between Lilliput Kids
wear promoter Sanjeev Narula and investors Bain
Capital and TPG, the Delhi High Court-appointed
auditor, SS Kothari Mehta & Co, has expressed
inability to complete the court-directed audit. The
auditors withdrawal could have a significant
bearing on the sale of the business initiated by all
shareholders. The auditor has cited the companys
non-cooperation in the audit as the reason.

TAXATION
1.0

The Central Board of Direct taxes (CBDT) has

notified for salaried persons not filing an incometax return despite having taxable income for the
upcoming assessment year 2012-13. The
conditions are that the total income should not
exceed ` 5 lakh, including salary and savings bank
interest, if any, not exceeding ` 10,000. Such
interest needs to be disclosed to the employer,
who would deduct tax on salary as embellished
by savings interest. The rules make it clear that,
just as no tax should be due, no refund should be
due either.

Last November, the court had mandated SS

Kothari Mehta & Co to probe the companys
books and review an earlier audit carried out by
SR Batliboi. SR Batliboi resigned as external
auditor after Lilliputs board disapproved of the
companys financial statements by a majority vote
at a meeting on September 28 last year amid
questions over the authenticity of the companys
books.
2.0

COST & ENERGY AUDITS NOW

MANDATORY FOR MAHARASHTRA
SUGAR CO-OPERATIVES
The Maharashtra government has made it
mandatory for the co-operative sugar industry
to perform cost and energy audits.

3.0

2.0

BROKER AUDITS SET TO BE MADE

MANDATORY SOON
The Forward Markets Commission (FMC), the
commodity futures market regulator will now put
in place a written guideline, making audits of each
of the 2,500 active brokers once every three
years a mandatory affair. The regulator and
exchanges will audit around 800-900 members
each year of five national commodity exchanges
- MCX, NCDEX, National Multi Commodity
Exchange, Kotak-promoted Ace Exchange and
Reliance ADA-anchored Indian Commodity
Exchange. In total, there are nearly 5,100
members who trade in 66 commodities.

4.0

GOVT. MAY HIRE CA FIRMS TO VET

BROADCASTERS DATA
Seeking more transparency in the wake of
mounting workload, the information and
broadcasting (I&B) ministry is planning to hire a
panel of chartered accountancy firms which will
scrutinize and evaluate the various financial and

SALARIED CAN SKIP FILING RETURN

ONLY UNDER CERTAIN CONDITIONS

THE CHARTERED ACCOUNTANT WORLD March 2012

SC RELIEF TO BANKS ON BAD DEBTS

In a major relief to banks, the Supreme Court has
held that they can claim deductions for entire bad
debts written off in respect of both rural and urban
advances. It reversed the judgment of the full
bench of the Kerala High Court that held that banks
can claim deduction of the bad and doubtful debts
actually written off only to the extent it exceeds
the credit balance created and allowed as deduction,
in view of Section 36(1)(vii), which limits the
deduction allowable under the proviso to the excess
over credit balance made under Clause (viia) of
Section 36(1) of the Income Tax Act 1961.

3.0 SOME IMPORTANT JUDGMENTS:

 Section 9, Read with Article 5 of Double
Taxation Avoidance Agreement between India
and USA:
The Delhi ITAT bench held that merely because
assessee, a US company, appointed agents in
India and also opened liaison offices in India, it
could not be said that assessee has a Permanent
Establishment in India.
Decided Case: Deputy Director of Income tax,
International Taxation v/s Western Union Financial
Services Inc.

TAXATION
 Section 54EC:
The Kolkata ITAT bench held that 6 months
time-limit for investment in bonds under section
54EC of the Income-tax Act, 1961 to be
reckoned from date of receipt of part payments,
not from date of transfer under section 53A of
the Transfer of Property Act.
Decided Case:Chanchal Kumar Sircar v/s Income-tax
Officer

 Section 43(5):
The Kolkata ITAT bench held that no TDS
under section 194H required on payment of
brokerage paid to an agency for facilitating
derivatives trade.
Decided Case:Deputy Commissioner of Income-tax v/s
Noble Enclave & Towers (P.) Ltd.

 Section 54F read with Section 254:

The Hyderabad ITAT bench held that deduction
under section 54F not available where assessee
purchased a residential house not from her own
fund but from fund borrowed from bank and
relatives.
Decided Case: Smt. V. Kumuda v/s Deputy
Commissioner of Income-tax

 Section 145:
The Rajkot ITAT bench held that assessee
company having not maintained proper record of
its inventory, rejection of its books was justified.
Decided Case: Gupta Global Exim (P.) Ltd. v/s Assistant
Commissioner of Income-tax

 Section 271(1)(c):
The Delhi ITAT bench held that Reliance on CA's
opinion which dealt with accounting for expense
(not its deductibility under the Act) will not save
assessee from penalty under section 271(1)(c)
Decided Case: Chadha Sugars (P.) Ltd. v/s Assistant
Commissioner of Income-tax.

 Section 9, Read with Article 12 of Double

Taxation Avoidance Agreement between
India And Australia (Royalties) Income:
The Authority for Advance Rulings (Income
tax), New Delhi held that payment received by
applicant, an Australian company, from its Indian
distributor for sale of applicants software
product in India is Royalty.
Decided Case: Citrix Systems Asia Pacific Pty. Ltd., In re

 Section 143 read with Section 292B:

The Mumbai ITAT bench held that assessment
A JOURNAL OF

order without signature of Assessing Officer is

invalid.
Decided Case: Vijay Corporation v/s Income-tax Officer
12(2)(1), Mumbai

 Section 2(22)(e):
 The Delhi ITAT bench held that where amount
in question was advanced to assessee in
pursuance of memorandum of agreement for
developing plots of land belonging to assessee
into commercial building, such advance could not
be treated as deemed dividend.
Decided Case: Assistant Commissioner of Income-tax,
Circle 27(1), New Delhi v/s S. Joginder Singh


The Rajasthan High Court held that where

assessee-firm had received an advance from a
company and it was assessee's partners who were
shareholders in said company and not assesseefirm, such an advance could not be taxed as
deemed dividend in hands of assessee-firm

Decided Case: Commissioner of Income-tax, Udaipur V/

S Hotel Hilltop

 Section 32:
The Delhi High Court held that Assessing
Officer could not restrict assessee's claim for
depreciation by making changes in costs of
various assets on estimated basis.
Decided Case: Commissioner of Income-taxV/S V/S
Pepsico India Holdings (P.) Ltd.

 Section 115JB read with Section 147:

The Mumbai High Court held that the reasons
recorded by Assessing Officer, in fact, merely
indicated a reason to believe that income of
assessee had escaped assessment and there was
no reference whatsoever to formation of an
opinion that there was a failure on part of assessee
to fully and truly disclose all material facts
necessary for assessment, reopening of
assessment beyond period of four years was
contrary to law.
Decided Case: DIL Ltd. v/s Assistant Commissioner of
Income-tax, Circle 6(2)

 Section 194C:
The Karnataka High Court held that where one
of products of assessee had been got prepared
from a manufacturing company on certain terms
and conditions, transaction entered into between
assessee and manufacturing company was a
contract for work and not contract for sale.
Decided Case: Commissioner of Income-tax, Central
Circle V/S Nova Nordisk Pharma India Ltd.

ALL INDIA CHARTERED ACCOUNTANTS SOCIETY

Date of Publishing : 12th MARCH, 2012

R.N.I. No. 50796/90
Posting Date: 14/15 March, 2012

Registration No. DL(c)-01/1268/2012-14

Licenced to post without prepayment No. U-(C)-82/2012-14

FINANCIAL INDICATORS
Current Rate*
(in %)

3 Month LIBOR
3 Month MIBOR
SENSEX
NIFTY
CRR
REPO
REVERSE REPO
Gold (per 10 gm)
Silver (per kg)
Crude (USD/bbl)
Rs. vs USD
Rs. vs Euro
Rs. vs Yen
Rs. vs RMB
Rs. vs Pound
MCX Aluminium

D

D

>^/K
 > ^ / 
>^/
>W'D
d : d

D
/

0.48
0.52
10.52
9.92
17503.24 17830.75
5333.55 5412.35
4.75
5.5
8.5
8.5
7.5
7.5
27982
28274
59052
56915
125.98
117.31
49.75
49.65
65.25
65.80
60.35
63.94
7.88
7.89
78.06
78.35
108.50
110.15

MCX Copper

&
&

Month Ago
(in %)

425.45

432.3

3 Month
6 Month
Ago (in %) Ago (in %)

0.54
9.37
16002
4801
6
8.5
7.5
28673
55213
108.09
53.40
70.44
68.58
8.36
83.33
106.25

0.34
9.41
16867
5059
6
8
7
28176
65165
112.77
46.38
64.48
59.87
7.28
74.01
108.65

409.60 409.30

*As on 10th March 2012

(Sources: Bloomberg, NSE, BSE, RBI)

Project Funding

Education and Training

Investment Banking

BIFR, CLB Cases

Income Tax, International Tax

Service Tax, Excise, VAT

Risk Management, Internal Audit

Valuation, FEMA, Complex Regulatory issues and Corporate Tax Advisory

Due Diligence Fund Raising - Private Equity, Debts and International Funding

Accounting, MIS, System Design

Joint Venture, Collaboration, Shareholders Agreements and Business Agreements

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New Delhi-110019. Ph: 26223712, 26228410, 26226933 E-mail:aicas.cfo@gmail.com / cfoworld@gmail.com  EDITOR: Pankaj Gupta, LLB, FCS
E-mail: pankajguptafcs@gmail.com  PUBLISHED & PRINTED: At New Delhi by Satish Chandra, Administrative Officer, on behalf of All India Chartered

Accountants Society, 4696, Brij Bhawan, 21A, Ansari Road, Darya Ganj, New Delhi-110 002 Phone 23265320, 23288101 E-mail : aicas.cfo@gmail.com
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THE CHARTERED ACCOUNTANT WORLD March 2012